§ 187-i. Environmental remediation insurance credit. 1. Allowance of
credit. A taxpayer shall be allowed a credit, to be computed as provided
in section twenty-three of this chapter, against the taxes imposed by
sections one hundred eighty-three and one hundred eighty-four of this
article. Provided, however, that the amount of such credit allowable
against the tax imposed by section one hundred eighty-four of this
article shall be the excess of the amount of such credit over the amount
of any credit allowed by this section against the tax imposed by section
one hundred eighty-three of this article.

2. Application of credit. In no event shall the credit under this
section be allowed in an amount which will reduce the tax payable to
less than the applicable minimum tax fixed by section one hundred
eighty-three of this article. If, however, the amount of credit
allowable under this section for any taxable year reduces the tax to
such amount, any amount of credit not deductible in such taxable year
shall be treated as an overpayment of tax to be refunded in accordance
with the provisions of section one thousand eighty-six of this chapter.
Provided, however, the provisions of subsection (c) of section one
thousand eighty-eight of this chapter notwithstanding, no interest shall
be paid thereon.